Jackson Autos has one employee. As of March 30, their employee had already earned $6,300. For...
Jackson Autos has one employee. As of March 30, their employee had already earned $6,300. For the pay period ending April 15, their employee earned an additional $2,000 of gross wages. Only the first $7,000 of annual earnings are subject to FUTA of 0.6% and SUTA of 5.4%. The journal entry to record the employer's unemployment payroll taxes for the period ending April 15, would be:
Homework Answers
Unemployment taxes would be charged up to the extent of $7,000 earnings.
Since $6,300 is already earned till March 30, the additional earnings of (7,000 – 6,300 =) $700 should be considered for taxes for the April 15 pay.
FUTA = $700 × 0.6% = $4.2
SUTA = $700 × 5.4% = $37.8
Total = 4.2 + 37.8 = $42
Journal
|
Date |
Account titles and explanation |
Ref. |
Debit |
Credit |
|
April 15 |
Payroll taxes expense |
$42.00 |
||
|
FUTA Payable |
$4.20 |
|||
|
SUTA Payable |
$37.80 |
|||
|
To record unemployment taxes to Federal government and State government. |
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